Mrs. Shimizu borrowed money from a bank. She received from the bank P1,342 and promised to repay P1,500 at the end of 10 months. Determine (a) simple interest rate (b) discount offered as Banker’s discount.
Mrs. Shimizu borrowed money from a bank. She received from the bank P1,342 and promised to repay P1,500 at the end of 10 months. Determine (a) simple interest rate (b) discount offered as Banker’s discount.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 1CE
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Mrs. Shimizu borrowed money from a bank. She received from the bank P1,342 and promised to
repay P1,500 at the end of 10 months. Determine (a) simple interest rate (b) discount offered as
Banker’s discount.
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